It’s the question on everyone’s lips. How can I save money? How can I save MORE money? How can I help my family thru this financial crisis?
WHAT IF YOU DROPPED 10 – 15 % OF YOUR EXPENSES STARTING FEBRUARY 15, 2009?
A lot of companies are now experiencing downsizing, re-sizing, outright layoffs and asking their employees to take across-the-board pay cuts to survive the credit crisis and consumer pullback. Get yourself and your family ahead of the curve by reviewing your family budget. Give a hard look to your expenses to see if you can shave 10 – 15% of your overall expenses. The key is to look at the last three (3) months. Review everything with the goal in mind of reducing your expenses by 10 – 15% across the board. Some of this may be accomplished by:
Reviewing your grocery shopping and going to SAMS and/or WALMART instead of your regular grocery store.
Downsize from restaurants. Check out fast food vs more expensive restaurants. Reduce the number of times you go out at all. When you go to a sit-down restaurant, consider
Bundle for savings with cell phones, cable and internet. Shop it to different companies. Remember – competition is an excellent thing.
Save on gasoline. Prices go up and prices come down, but you should be doing research on where to get gas near you at the lowest prices. Little amounts add up.
Check your bank statement. Compare banks to see if you can save on fees. The same is true for credit cards (although we are very negative about credit cards in general; see the info on “You can’t own credit cards – credit cards own you” at http://www.STICKYASSET.com).
Review all your insurance and consider shopping it to a variety of insurance companies and raising your limits on deductibles to give you more freed-up cash.
Everyone wants to know how they can save without living like you’re poor. Of course, the more you trim now, the more you will have to put into money market and CDs to begin earning you money.
The truth is that our country is in trouble because of debt. We have gone from a country of savers to a country with high-debt. That has a poor payoff. It is ruining our lives. If you focus your efforts for even a short period of time, you will benefit from the development of cash savings.
But let’s give some examples of saving while you still spend:
Can’t stay away from CONCERTS?
Why pay what everyone else pays? Seriously. Check out http://www.STUBHUB.com. Here you can search for discounts off of what you will “usually” pay. Do your research. Remember: You are not saving unless you take the money between what you would have paid and what you actually paid and put that money in money market savings.
Google your favorite stores and look for coupons. All retailers are getting serious about offering value.
The best advice we can give at this point is: Don’t chase credit ratings. Build emergency savings. We recommend that you work toward having 15 – 18 months of expenses in emergency savings. You think the old world way of having 3 to 6 months of savings is okay? How long will it take you to replace your income if you are downsized?
Don’t have an emergency savings fund? Sell the DVDs that you have that you really don’t cherish. Sell compact discs. Sell other things in your house that you really don’t use or cherish. Things are just things. In these times, it will pay for you to start an emergency savings fund. Work on your expenses and begin by saving even as little as 1% of your next paycheck. Increase this by 1% each time you get paid. Automatic savings is always best, but there are many ways to “trick yourself” into saving. More tips are available on this blog and on http://www.STICKYASSET.com.
It is time to get serious before it is too late.
Remain positive by saving and finding ways to increase your savings to debt ratio. You can do it, and it will make a HUGE difference in your FUTURE. It’s not about what you make. It’s not about what is in your checking account. It is about what you save.
Thank you and good luck! Check in with us at http://www.STICKYASSET.com to find more ways to save that go way beyond simple discounts.